VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 6, 2016) - Global Copper Group Inc. ("Global Copper") (TSX VENTURE:ICU) is pleased to announce that it has signed an option to purchase nine patented mining claims, covering 160 acres (72 ha) located approximately 4 km SE of Cobalt, Ontario.
The option requires payment of the following, $5000.00 CDN non-refundable upon signing, followed by a $20,000.00 CDN payment and an aggregate 750,000 common shares upon exchange approval. Global Copper is also in agreement to continue payment on the remaining mortgage owed on the property, up to the amount of $16,000.00 CDN and, on the first anniversary of signing, allot an additional 750,000 common shares to the vendor. The project is also subject to a 2% NSR with 1% of the NSR purchasable at $1,000,000.00 CDN.
Historically in the Cobalt area, most of the Silver/Cobalt production has been produced from carbonate veins within the Coleman sediments, which are present in historic drilling on this property. The better values are found where these veins cut Coleman sediments and/or are close to the Archean contact with the Nipissing diabase. However, more recently the lower diabase-volcanics contact has become increasingly important as a host for significant mineralization. All the necessary geological components of accepted mineralization models have been identified on the property.
Immediately to the west of this property is the historic Deer Horn mine (also known as the Cross Lake O'Brien mine). Up to 1966, the mine is reported to have produced approximately 11 million oz of silver and 100,000 lbs of cobalt. Several of these Ag-Co-producing veins extend on to the Smith Cobalt property and were encountered in the underground workings with associated cobalt and nickel values.
"This is the first and exciting step in Global Copper's pursuit of cobalt prospects," Dr. Andreas Rompel, President & CEO, commented. "Cobalt is an old metal with a new usefulness and is undergoing a revival. Moving from pigments in paint and its magnetic properties in old television sets, cobalt has found a new home in Li-batteries. Use of lithium-ion battery technology to power transportation and communication is creating a global and permanent market for energy metal commodities (lithium, cobalt and graphite). Cobalt prices are expected to rise, driven by rapidly growing global demand for renewable energy systems, as cobalt is a key component in lithium-ion batteries. As such, Global Copper has acquired the Smith Cobalt property and is looking to further expand its holdings in the cobalt sector."
Chris M. Healey, P.Geo. a Director of Global Copper Group is the Qualified Person responsible for the technical content of this release and consents to its dissemination.
About Global Copper Group Inc.
Global Copper Group Inc. is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange (TSX-V: ICU) focused on mineral exploration and development. The company plans to acquire, de-risk and advance assets in mining friendly jurisdictions prior to seeking joint venture partnerships.
On behalf of the Board of Directors
Dr. Andreas Rompel, President and CEO
Global Copper Group Inc.
We seek safe harbor.
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The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Forward Looking Information
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. WARNING: The Company relies on litigation protection for `forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act') or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.